Nike, Puma, Adidas In Focus As StoneX Maps Out Diverging Turnaround Paths

The brokerage's new coverage highlights different priorities across the three brands, from Nike's inventory and marketplace work to Adidas' product momentum and Puma's distribution reset.

• StoneX initiated Nike and Puma at ‘Hold' with no price targets, while starting Adidas at ‘Buy’ with a €200 price target.
• Adidas’ turnaround is entering a new phase, with StoneX pointing to a shift toward sustained market-share gains.
• StoneX sees Puma’s wholesale reset and improving inventory as a path to recovery, but demand remains the key test.

Shares of Nike Inc. (NKE), Puma SE (PUMSY) and Adidas AG (ADDYY) were in focus Tuesday morning after StoneX initiated coverage of the three sportswear companies, offering differing views on their respective recovery efforts.

StoneX analyst Zeyn Burak initiated coverage of Nike with a ‘Hold' rating and no price target. The firm also initiated coverage of Puma with a ‘Hold' rating and no price target, while initiating coverage of Adidas with a ‘Buy' rating and a €200 price target.

NKE shares were up 1.61%, PUMSY gained 1.21%, and ADDYY rose 1.19% in Tuesday's premarket trading as of this writing.

StoneX Sees Nike Turnaround Taking Time

StoneX said Nike's recovery could be “lengthy,” citing weakness in its lifestyle business, elevated promotions, excess inventory, and ongoing marketplace resets.

According to Koyfin data, 26 of 41 analysts rate NKE a 'Hold,' while 9 of 41 rate the stock a 'Buy.'

Nike's latest results showed some improvement in wholesale, with fourth-quarter wholesale revenue rising 4% year over year, while NIKE Direct revenue fell 7%. The company also said it was working to improve marketplace health and manage its product portfolio.

Adidas Sees Share-Gain Momentum

StoneX took a different view of Adidas, saying the company's turnaround has transitioned into a sustainable share-gain cycle.

According to Koyfin data, 14 of 30 analysts rate ADDYY a 'Buy,' while 8 rate the stock 'Strong Buy' and 8 rate it 'Hold.'

Adidas has shown broad-based momentum across its portfolio, with Performance revenue led by strong growth in Football and Running, while Lifestyle growth reflected gains in Originals and Sportswear. The company also said healthy full-price sales and a more favorable business mix supported gross margin in the first half of 2026.

Puma Works Through Wholesale Reset

For Puma, StoneX said its wholesale reset, improving inventory and product pipeline, provides a “credible path to recovery.” However, the firm identified a key question around whether those measures can translate into sustainable underlying demand.

According to Koyfin data, 11 of 19 analysts rate PUMSY ‘Hold’, while 6 rate the stock ‘Buy’.

PUMA said its second-quarter (Q2) sales were affected by ongoing reset measures, including efforts to reduce undesirable wholesale business and clear inventory. Inventories fell 15.3% year over year to €1.82 billion, while the company said its inventory cleanup remained on track to normalize by year-end 2026.

NKE, PUMSY, ADDYY: Retail View

Retail sentiment for NKE on Stocktwits was “Bullish” with high message volume over the past 24 hours. PUMSY also had “Bullish” sentiment, while ADDYY sentiment remained “Neutral.”

NKE shares have fallen nearly 39% year-to-date, while ADDYY is down about 16% and PUMSY has declined about 3%.

(Exchange Rate: €1 = $1.15)

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